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KARACHI: A long-running case filed by pensioners from MCB Bank, Habib Bank, United Bank and Allied Bank--the country’s largest scheduled banks-- finally saw their case conclude in the Supreme Court on Tuesday.

A three-member bench of the apex consisting of Chief Justice Saqib Nisar, Justice Ejazul Ahsan and Justice Omar Ata Bandial had asked the banks to submit a statement saying how much pension they are willing to pay to their long retired employees since pensions were frozen by the banks at 1991 levels.

The banks submitted a combined statement saying they will pay Rs5,250 per month. Ayesha Hamid, the counsel for pensioners, said that the pension should not be less than 60 per cent of the minimum salary being paid by the banks, which comes to Rs15,000. The bench ordered the banks to pay Rs8,000 per month to each pensioner instead and disposed of the petition. The case is now concluded.

The banks had frozen their inherited pensions at 1991 levels since their privatisation in the early 2000s. As a result, retirees including officers were now getting pensions between Rs800 and 2,500 only. The salaries of top executives at these banks run in the millions.

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Comments (4) Closed

My father served in MCB for 32 years, retied in 1990 and passed away some 5-years ago had to suffer this injustice for 24 years.... ugly face of capitalism gets worst in Pakistan.

My only solace is - it others in similar boat will get some relief. Thank you SCP - and no thanks to Parliament who took my vote and ignored me.

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Asad Aziz

Feb 14, 2018 04:02pm

We are retrenched UBL employees. Is this decision also benefit us? Anybody have details

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khaled

Feb 14, 2018 08:10pm

Its peanuts, compare this with the end of service benefits the government retires get. The poor banker's get a paltry sum as pension, no EOBI, no medical reimbursements, he is left high and dry , all this after giving the best part of his life to the bank and at the high cost of neglecting his family. Rightly said he is a, 'worthless creature'.

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Sana.

Feb 15, 2018 09:19am

Bankers job is anytime tougher comparing other institutions. It is shameful to receive a Pention between 5/6 k after having served 35 to 40 years.unfortunate!